Blue Sky Accounting & Management
171 Main St. S., Unit 5 L3Y 3Y9 Newmarket, ON, Canada

Many of you are likely patting yourself on the back for a job well done on your taxesbut just because you’ve filed your return on time doesn’t mean you can for...get about your taxes until next year! Your tax return is much more than a record filed away at the CRA. It provides great insight into how you run your business and whether your company is set up in the most effective way. Did you calculate correctly and put enough cash aside for your return? Did you allow any expenses to fall through the cracks? Did your year measure out according to your goals? Our team is here to decode your tax return, assess the numbers and apply your results to the year ahead. Get in touch today: https://www.blueskyam.ca/contact

Entrepreneurs are masters of many tradesfrom marketing and sales, to HR and management. But when it comes to the numbers, it pays to have an experienced accountant on your side. How do you hire the right person for the job? When it comes to choosing an accountant, there are a few questions you should ask before making a decision, including what small business experience they have and what fees they charge. Are you looking for a new accountant? Give the Blue Sky team a ...call to set up a meeting and let’s get to work on making your company a success: 289-466-5210. See more

Ken Bowers explains how the new drop off box works. We have two locations one at our main office at 171 Main Street S., Newmarket and one located at 13 Pinecliff Crescent, Barrie, ON. Please remember to write your name and contact information on the outside of your package.

We now have two tax service drop boxes for your convenience! One at our main office at 171 Main St. S., Newmarket and one in Barrie located at 13 Pinecliff Crescent, Barrie, ON. Please follow the instructions below when dropping off your papers. 1. Ensure your package is secure and not loose.... 2. Complete information note inside the drawer and affix to package. 3. Take business card from inside drawer. 4. Place package in drawer and close door. 5. We will call within 48 hours to confirm. If you have any questions please call 289-466-5210 and we will be happy to help you out. See more

Think of us as the business whisperer. We know where to look and what questions to ask when assessing the performance of your company. We’re here to define what success means to you, and then hold you accountable to attaining it. . Connect with Blue Sky today and take the first step towards a more successful future!

I'll show my home office, you show yours. Working online and at our Newmarket office to help you and your business navigate these difficult times, at blueskyam.ca

If time is money, why would you waste it worrying about things that are in your control? Year after year, we speak to people who have put off filing their taxes because they’re embarrassed about their past tax habits or they simply couldn’t muster the strength to own up to the burden of organizing their books. Whatever your tax struggle, you’re never alone.... Rest assured that you aren’t the only person who has filed late, missed a return, or can’t find the documentation they need to back up their claims. We’ve seen every and any situation and we’re here to help. Taxes are a part of life, there’s no sense in worrying about them. DM us today and we’ll help you polish off your taxes in no time. See more

Are you paying yourself a living wage? Deciding how much of a profit you should be taking from your business earnings is a difficult task, especially for new business owners. ... Strictly speaking, if you are the sole proprietor of your business the money is all yours. But you have to choose between spending the profits on yourself or reinvesting it in the company (save for things like operating costs, taxes and beyond). Your tax return is a great tool to help take stock of your salary and earnings. We’re here to help you make sense of the numbers and make the best decision for both your financial sanity and the future of your business. Are you ready to unlock the details hidden within your return? DM us. See more

For the average person, tax returns are a chore left until the last minute or put into the hands of a trained professional. If only entrepreneurs had that same luxury. When you’re self-employed you’re forced to think about your taxes year-round, putting aside money to account for the tax you will owe on each project. But this focus on budgeting sometimes takes your attention away from capitalizing on all of the tax breaks that come with self-employment. Some of the most... commonly overlooked tax-deductible expenses include: Advertising fees Bank charges on your business’s bank account Yearly dues for commercial or trade organizations Private health insurance plan premiums Interest on vehicle payments (providing you use it for business reasons) Take the time to organize a list of your business expenses and claim them on this year’s return. Remember, this should be part of your tax budgeting too. Are you worried you’re leaving money on the table? DM us ASAP to work with us before the deadline. See more

Justin Trudeau unveils details of Canada Emergency Response Benefit (CERB)

Despite the delay in the filing deadline granted by the government of Canada, filing your taxes early is a crucial step to ensuring you can get the benefits the government is arranging for you. To expedite this safely given today's circumstances, call us at Blue Sky Business Services to have us help you with your tax filing virtually and safely. Another great tip, visit "My Account" online with the CRA to set up your account portal with them. Here you can apply for ben...efits, interact with the government, and get direct deposit set up to get your benefits even faster. Call Blue Sky during these times, and we can help you through. See more

The biggest threat to entrepreneurship isn’t the economy. It’s self-doubt. If you don’t believe you’re going to succeed, then why on earth would anybody else? If you want to build a successful business, you need to be able to convince people that your idea is the one worth investing in. There’s a science to believing in yourself. Research shows that the more often you repeat positive thoughts, the more likely you are to reflect that positivity in your actions. This help...s build confidence, which gives you the power to chase after your goals. As Winston Churchill said, Attitude is a little thing that makes a big difference. Save this post so you can refer back to it the next time you start to doubt yourself. See more

At Blue Sky we are in the business of helping small businesses perform during hard times. It is important to understand where your assets are, where your friends are, and to set yourself up so that you can receive aid and help your customers as needed. One way you can help yourself is by making sure that your taxes are filed as soon as possible to avoid any delays in your tax refund. If you are owing money, you still get an extension. Blue Sky can help with this virt...ual set up. Please call 1-833-977-1223 and a Blue Sky representative will set up a virtual process to get your taxes done. In addition Blue Sky also offers consulting services to help you learn how to reach your customers during these uncertain and changing times. Visit www.BLUESKYAM.CA or follow us on Facebook @blueskyaccounting and Instagram blueskyam_ for more updates. See more

The deadline to file your income tax and benefit return has been extended from April 30th to June 1st, 2020. The deadline to pay any 2019 balance has been ex...tended to August 31st, 2020. This means all 2019 balances paid before September 2020 will not incur any penalties and interest. We encourage you to file your income tax and benefit return electronically and as soon as possible to make sure your benefit and credit payments are not interrupted or delayed. For self-employed individuals and their spouse/common-law partner, 2019 balances paid before September 2020 will not incur any penalties and interest. Your income tax and benefit returns must still be filed by June 15, 2020. Businesses will be allowed to defer until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. We will not contact any small or medium businesses to initiate any post assessment GST/HST or Income Tax audits for the next 4 weeks. The due date for trusts with a tax year ending December 31, 2019 will be extended to May 1, 2020. Trust payments due before August 31, 2020 are also all extended to August 31, 2020. Anything not covered by this measure will be considered on a case-by-case basis. More information on the financial measures introduced by the Government of Canada in response to COVID-19 here: http://ow.ly/WdC550yPiEf

In response to the covid-19 pandemic, Blue Sky Accounting And Management is taking every precaution to reduce the spread of this virus. We are still remaining open, however we are putting measures in place both for your safety and our employees. Please feel free to contact us if you have any questions.

Stop focusing all of your attention on your taxes! We realize this might sound counterintuitive coming from a bunch of tax specialists, but we come across far too many business owners who are so focused on short-term tax benefits that they forget to consider the bigger picture. You’re going to make more money on your performance than you will saving on your taxes. Your focus should be on the execution of your plan and utilizing your tax return to understand how your bu...siness is fairing, where it’s going, and where areas of opportunity lie. We want to work with business owners throughout the year to optimize their performancenot just at tax time. If you’re ready to optimize your business, send us a message. See more

If you want to master something, teach it. The human brain is hardwired to absorb more information when we’re active contributors rather than passive listeners. When we set out to learn something new, whether from an online course or reading a book, our brains actually have trouble organizing and structuring the information. ... But research shows that when you take that information and relay it to someone else your brain is forced to go through the information step-by-step, allowing you to absorb it in a more permanent way. Plus, we like to think of knowledge as a source of commerce in the small business world. It never hurts to give a little away for free and encourage someone else’s growth. Tag someone you’d like to learn a little something from in the comments. See more

True: Self-employed people are more likely to be audited by the CRA. False: Being audited is the worst thing that could happen to you. Tax returns for the self-employed are complicated. There isn’t a single piece of paper, like a T-4 slip, that the CRA can use to cross-reference the income you declared, which puts you at an increased risk of being audited. ... But as the CRA explains, the auditing processes helps taxpayers better understand and meet their obligations. With the help of a tax professional, an audit will not only help you clean up your books and become more compliant, it will actually help identify areas of opportunity in your business. Maybe you’ve outgrown a sole proprietorship and it’s time to consider restructuring, or perhaps you need to simplify your revenue streams. Whatever the case, don’t panic. We’re here to help you get compliant and avoid an audit in the first place. DM us with your tax questions! See more

There is no better time to understand the structure of your business than tax time. Understanding the inner workings of sole proprietorships, partnerships and incorporated businesses is the key to filing an accurate tax return. For example, did you know that in a business partnership any income or losses should be divided among each partner and each respective individual files their own separate T1 personal income tax form? Check out the blog post above to determine what type of return you need to file this year. If you’re still feeling a lost, we’re here to help. Message us todaythe April 30th personal tax deadline is fast approaching!

A smile and a thank you won’t cost a dime, but not doing either may cost you later. The people who support and nurture your business are the most important people in your world. Customers may come and go, but the people who work behind the scenes to support your vision are what help you grow. This #EmployeeAppreciationDay, ask yourself this: where would my business be today without the help of _____________?... When you have the answer to that question, tell that person exactly what kind of impact they’ve had on your journey, because saying thank you to your employees, mentors and supporters is vital to the success of your businessand it doesn’t cost a thing. Tag someone who has made a big impact on your business in the comments and say thank you. See more